Obelisk on Skycoin Blog

The Power of SKY; The Defense of Freedom (V1.0.3) (Author: Mao 驴占坑)

Mon, 08 Jan 2018 00:00:00 +0000

Introduction

Premise: Computer = Calculation + Storage + Network.

On the most basic level, a computer is anything that processes data. It can be a physical device, like a PC, or an abstract, virtual system involved in information processing. Every computer consists of three elements: a CPU, a hard disk, and a network card.

All computer hardware, virtualization, and computer languages include these elements, which allow computers to process data sets. However, decentralized systems pose different challenges for information processing. When data is not centralized in any one location, it can become inconsistent. Decentralized networks have the added challenge of maintaining data consistency during processing.

Why We Built Skycoin

Wed, 29 Nov 2017 00:00:00 +0000

Satoshi envisioned Bitcoin as a decentralized digital currency. Blockchain networks were intended to democratize finance, eliminating corporate control and spreading power among users. However, Bitcoin and related currencies have become centralized due to their reliance on Proof of Work (PoW) and Proof of Stake (PoS) algorithms, as well as their use of mining to create coins. This centralization defeats the original purpose of digital currencies.

We created the Skycoin blockchain to correct these flaws. The Skycoin blockchain uses a novel consensus algorithm to replace PoW and PoS. It also fixes security problems associated with other blockchain networks and decouples coin creation from the mining process. The result is a fully decentralized cryptocurrency that fulfills Satoshi’s original vision.

Obelisk Consensus Algorithm Design Motivations

Thu, 26 Oct 2017 00:00:00 +0000

This is an archived post from the bitcointalks thread on June 19 2014

Quote from: yxxyun on June 19, 2014, 02:52:38 AM

Quote from: skycoin on June 19, 2014, 02:31:59 AM

Quote from: FrictionlessCoin on June 18, 2014, 09:15:07 PM

Quote from: skycoin on June 18, 2014, 09:08:56 PM

Development Update:

We figured out way of preventing Sybil attack using a hybrid Proof of Stake system.

To create a node, you must prove you have coins. Say 10 coins. You send 10 coins to address A. Then you send the 10 coins from address A to address B. Then you add a signature using the public key in address A to sign a message in your Obelisk blockchain.

Obelisk: Skycoin Consensus Algorithm | Information Pages

Sat, 09 Sep 2017 00:00:00 +0000

Consensus highlights

Why consensus

Skycoin Consensus Algorithm (“Obelisk”) synchronizes the state of Skycoin blockchain across all the network nodes. This results in consistent accounting, i.e. when calculating coin balance for a given public key (or address) yields same value at each node that performed the calculation.